Resolute Capital Asset Partners LLC Buys 20,000 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Resolute Capital Asset Partners LLC grew its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 44.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 65,000 shares of the semiconductor producer’s stock after acquiring an additional 20,000 shares during the period. Silicon Motion Technology comprises 3.0% of Resolute Capital Asset Partners LLC’s investment portfolio, making the stock its 12th biggest position. Resolute Capital Asset Partners LLC owned approximately 0.19% of Silicon Motion Technology worth $5,264,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of SIMO. Parallel Advisors LLC raised its stake in Silicon Motion Technology by 154.9% in the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock valued at $34,000 after acquiring an additional 333 shares during the period. Blue Trust Inc. raised its position in shares of Silicon Motion Technology by 3,971.4% in the second quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after purchasing an additional 556 shares during the period. Assetmark Inc. lifted its stake in shares of Silicon Motion Technology by 34.5% during the 4th quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock valued at $82,000 after buying an additional 342 shares in the last quarter. Barometer Capital Management Inc. purchased a new stake in shares of Silicon Motion Technology during the 4th quarter valued at approximately $123,000. Finally, Headlands Technologies LLC purchased a new position in Silicon Motion Technology in the 2nd quarter valued at approximately $139,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Analyst Ratings Changes

SIMO has been the subject of a number of analyst reports. StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Saturday, September 14th. B. Riley reduced their target price on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a report on Monday, August 5th. Bank of America cut Silicon Motion Technology from a “buy” rating to an “underperform” rating and decreased their price target for the company from $90.00 to $60.00 in a research report on Friday, August 16th. Morgan Stanley reduced their price objective on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Needham & Company LLC increased their target price on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $85.00.

Silicon Motion Technology Price Performance

Shares of Silicon Motion Technology stock opened at $55.19 on Thursday. The company has a 50 day simple moving average of $65.01 and a two-hundred day simple moving average of $73.21. The firm has a market cap of $1.86 billion, a PE ratio of 31.36, a PEG ratio of 0.92 and a beta of 0.84. Silicon Motion Technology Co. has a 1 year low of $49.50 and a 1 year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.01. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The company had revenue of $210.67 million during the quarter, compared to analyst estimates of $206.75 million. During the same period in the previous year, the business earned $0.33 earnings per share. The firm’s quarterly revenue was up 50.1% compared to the same quarter last year. As a group, research analysts anticipate that Silicon Motion Technology Co. will post 2.86 earnings per share for the current year.

Silicon Motion Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $2.00 annualized dividend and a dividend yield of 3.62%. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 113.07%.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.